Vietnam plans to build an international financial center operating in two cities.

Deputy Prime Minister Nguyen Hoa Binh speaks at the conference on May 20. Photo: VGP

On May 20, Deputy Prime Minister Nguyen Hoa Binh chaired a conference to draft a National Assembly Resolution on an international financial center in Vietnam. This was the final conference to consult with experts to finalize the draft before submitting it to the National Assembly. The National Assembly is expected to discuss and approve this Resolution at its ongoing 9th session.

The view of developing "an international financial center but operating in two different locations" is also supported by many experts.

According to Mr. Richard McClellan, Global Ambassador of Terne Holding, former Director of the Tony Blair Institute, Da Nang has unique advantages to develop an international financial center including strategic geographical location, technical infrastructure, human resources andeducation , and the ability to connect with the Central region.

"We need to think of a financial center as a unified operating system, not a separate geographical area," he said, adding that this will help Vietnam build an international financial center with a global position. With that model, according to Terne Holding's global ambassador, Da Nang does not compete with Ho Chi Minh City and on the contrary, they complement each other.

"Vietnam can absolutely study building two centers or one international financial center but operating in two localities to make good use of the advantages of each locality," he added.

Mr. Richard McClellan, Global Ambassador of Terne Holding, former Director of the Tony Blair Institute, spoke at the conference on May 20. Photo: VGP

Commenting further on this model, Executive Director of the Alliance of International Financial Centers (WAIFC) Jochen Biedermann said that Vietnam needs to focus on building software infrastructure, digital infrastructure, training and preparing human resources to ensure the smooth operation of international financial centers in Ho Chi Minh City and Da Nang.

In addition, Mr. Andreas Baumgartner, CEO and founder of The Metis Institute, said that this model needs a unified management system but still ensures the promotion of distinct advantages and independence in operations between the two locations of an international financial center.

The orientation of developing an international financial center is expected to be a breakthrough to help Vietnam mobilize high-quality financial resources, improve governance capacity, national competitiveness and deeply and effectively integrate with the world financial system.

Deputy Prime Minister Nguyen Hoa Binh said the Government is committed to building a breakthrough legal corridor to maximize advantages, he said. The Deputy Prime Minister affirmed that Vietnam will comply with international laws and standards, encourage innovation activities, and ensure unique, outstanding, and attractive mechanisms for investors.

Along with that, the policies also balance the interests between the State, investors and people, in accordance with Vietnam's management and governance capacity, according to the Deputy Prime Minister.

On the local side, Secretary of the Da Nang City Party Committee Nguyen Van Quang said that the content of the international financial center is a "very new and difficult issue for Vietnam but it is necessary to form". He said that the city has prepared the conditions, ecosystem, hard infrastructure and soft infrastructure to be ready for the operation of the international financial center.

Similarly, Vice Chairman of Ho Chi Minh City People's Committee Nguyen Van Dung informed that the city is continuing to review and propose mechanisms and policies that are close to the actual conditions of the locality. They are also preparing technical infrastructure and planning to train human resources to serve the international financial center.

At the conference, leaders and representatives of international financial organizations and institutions, businesses, investors and partners also pledged to always support and accompany Vietnam in the process of building, developing and operating the Financial Center through specific cooperation, support and connection activities.

VN (according to VnExpress)

Source: https://baohaiduong.vn/viet-nam-du-kien-xay-mot-trung-tam-tai-chinh-quoc-te-hoat-dong-o-hai-thanh-pho-412038.html